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What's trending
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ISCA Comments on IAASB’s Post-Exposure Consultation: Invitation to Comment Before IAASB Finalizes Narrow Scope Amendments to ISQMs and ISAs as a Result of Revisions to Definitions of Listed Entity and Public Interest Entity (PIE) in the IESBA Code
We are generally supportive of IAASB’s revised position and provided the following comments: • To allow early adoption of the amendments to provide firms an option to align the definition of PTE across the ethics standards (effective from 15 December 2024) and auditing standards. • To apply the differential auditing requirements to PIEs conditionally, based on risk profile and jurisdictional scope.
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ISCA Issues Audit Bulletin (AB) 7 Considerations over External Confirmation Procedures
ISCA developed AB 7 to highlight certain key considerations for the auditor when designing and performing external confirmation procedures. The AB illustrates how some of these considerations apply in several scenarios where external confirmation procedures are used, including: • Obtaining confirmation from a bank in a foreign jurisdiction • Obtaining confirmation on escrow accounts • Relying on a confirmation for the valuation of investments in unquoted funds
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ISCA Issues Audit Bulletin (AB) 6 Key Revisions to Group Audits - SSA 600 (Revised)
ISCA developed Audit Bulletin (AB) 6 to raise awareness of the key changes to SSA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) and provide guidance to address implementation challenges, including applying the new risk-based approach in planning and performing a group audit engagement.
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ISCA Issues Audit Bulletin (AB) 5 Reporting on Grants and Incentive Schemes - Considerations for Government Agencies
To support government agencies in establishing reporting requirements for grants and incentive schemes, ISCA developed AB 5 to raise awareness on the different frameworks available for such reporting. AB 5 is also useful to practitioners in better understanding grants reporting under the various frameworks.
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ISCA Issues Audit Bulletin (AB) 4 Non-Consolidation of Subsidiaries - Considerations for the Auditor’s Report (AB 4)
This audit bulletin highlights key considerations for the auditor when assessing the effects of non-consolidation of subsidiaries on the auditor’s report, including illustrative examples on the types of audit opinions that may be issued.
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ISCA Issues Technical Bulletin 1 Addressing Climate-Related Risks in Financial Statements and Audits of such Financial Statements (TB 1)
Arising from the strong focus on climate globally and in Singapore, TB 1 provides guidance on climate-related risk considerations in financial reporting and audits of financial statements. It also includes an example of a Singapore entity in the transportation industry to illustrate how climate-related risks could affect how the principles of the financial reporting standards and auditing standards are applied.
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Due Process
The standard-setting process of ISCA is robust and essentially one that draws from the resources of the IAASB.
Standards & Guidance
ISCA's pronouncements relating to auditing and assurance govern audit, review, other assurance and related services engagements.
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Open for Comments
Read about proposed changes to the auditing and assurance standards in Singapore and our views on them!
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